Wednesday, May 16, 2007

EnerNOC Raises IPO Share Price Expectation to $23-$25 - Boston, MA

EnerNOC, a Boston-based developer of technology for managing electricity grids and power usage, disclosed in a filing with the Securities and Exchange Commission on Wednesday that is raising the expected share price range of its planned initial public offering of stock from $21-$23 per share to $23-$25. The company plans to sell 3.75 million common shares and could raise $93.75 million at the newly raised top end of its expected pricing range. EnerNOC uses its network operations center to remotely manage and reduce electricity consumption across a network of commercial, institutional and industrial customer sites. Its customers are electric power grid operators and utilities, as well as commercial, institutional and industrial end-users of electricity. EnerNOC's revenues have grown from $0.8 million in 2004 to $26.1 million in 2006. The company had a loss of about $2 million last year.


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